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Tony Foster, managing partner at Freshfields Bruckhaus Deringer LLP in Vietnam The public-private partnership (PPP) investment regime in Vietnam has reached adult age. It will be 21 years old in 2019, and the government is planning a big birthday party. PPP in Vietnam dates back to 1998 with the issuance of Decree 62 on foreign investment in build-operate-transfer (BOT) projects. It was aimed at channelling private investment into Vietnam’s challenging infrastructure sector. There was limited infrastructure in those days and almost endless needs. The infrastructure now is much more extensive, but oddly enough the needs appear to be just as endless today. Glories of the past The power sector has been the most successful sector at attracting foreign investment in BOT projects. Phu My 3, Phu My 2-2, Mong Duong 2, Nghi Son 2, and Van Phong 1 are amongst various successful multibillion-dollar BOT power projects with foreign financing. These five projects alone have relieved the … [Read more...] about Preparing for the next level of PPP regulation

Norwegian solar companies seek cooperation opportunity in Vietnam A group of Norway’s leading solar companies attended a Norwegian Solar Seminar in Hanoi on October 15 to look for cooperation opportunities with local partners in the solar energy sector. The event is co-organized by Royal Norwegian Embassy and Power Engineering Consulting Joint Stock Company 1 (PECC1), under the Electricity of Vietnam (EVN) with the attendance of Norweiginan Ambassador designate, Ms Grete Lochen, Commercial Counsellor Mr Harald Naevdal, General Director of EVN PECC1 Mr Pham Nguyen Hung, representatives from the Ministry of Industry and Trade, and over 70 participants from the EVN and its subsidiaries, independent power plant owners, construction companies, private investors from Vietnam and Laos, suppliers and consultants and other stakeholders. At the seminar, an energy consultant of the World Bank presents an overview of Vietnam’s solar energy, highlighting the achievements of … [Read more...] about BUSINESS NEWS IN BRIEF 19/10

There has been something of a real estate “fever” in recent times at the Thu Thiem Urban Area, the proposed new CBD and mixed-used urban area in Ho Chi Minh City’s District 2 and which is set to become the largest inner-city development in Southeast Asia. Investment into the urban area has been strong over the last few years, with a host of both local and foreign real estate developers seizing the opportunities on offer. Vietnam’s real estate market attracted $5.54 billion in FDI in the first half of this year, accounting for 27.25 per cent of total investment into the country, according to the General Statistics Office (GSO). 2018 marks ten years since the last real estate downturn and nearly five years of recovery. “Given that monetary policies are expected to stay neutral-to-accommodative to support growth when FDI inflows in the hundreds of millions of dollars are poised to enter the real estate market, the market is expected to continue stabilizing … [Read more...] about Real estate fertile ground for foreign investors

Barry Weisblatt, head of research at Viet Capital Securities What is your outlook for the Vietnamese banking sector? We are generally quite positive in our outlook for the Vietnamese banking sector. 18 per cent credit growth was quite solid in 2017 and was not the kind of window dressing we have seen in previous years where growth accelerates in the last two weeks of the year to reach the SBV’s target but, rather, was stable throughout the year. Moreover, we are seeing a shift into retail lending, which is having several positive impacts. First, the higher yields on retail assets helped keep net interest margins (NIMs) of the banks we cover stable at 2.99 per cent despite rising funding costs. Second, we are seeing non-interest income (NOII) make a more significant contribution to banks’ bottom lines. NOII increased from 12 per cent of Total Operating Income (TOI) for our coverage universe to 18 per cent in just two years due to triple-digit increases at some banks. Much … [Read more...] about The bright outlook for Techcombank

Hanoi launches "red book" crackdown The Hanoi Department of Natural Resources and Environment has decided to crack down on investors who delay the issuance of land use certificates, known as "red books", to home buyers. The department will call for the involvement of district people's committees and inspectorates to deal with investors after two inspection teams reviewed the delay and proposed solutions, an official said. The problem came to light when 45 households in the Song Da apartment building on Cau Giay Street complained that they had not been granted house ownership certificates. According to regulation, the investor, Song Da 1 company, is responsible for submitting the relevant documents for the residents' red books. La Thuy Phuong, a resident of the building, said she had lived there for 11 years and received promises from the investor - but had yet to receive any announcement that her red book had been issued. Residents of the Meco Complex apartment building on Truong … [Read more...] about Social News 13/6